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ways to meet the 1k bank account cycle?
100saving
Posts: 314 Forumite
this is going to sound stupid to some people and it has prob been asked before on here but i just want some people thoughts.
i am thinking of setting up two SO for £1000 from my flexdirect account to my first direct 1st account and then back again for the same day each month to get the 5% and save me doing it manually.
what happens if first direct sends the £1000 before nationwide sends the £1000 as i don't keep £1000 in my first direct account so the funds would not be available and i don't have an overdraft on either account.
what does the faster payment thing mean how does that work?
i am thinking of setting up two SO for £1000 from my flexdirect account to my first direct 1st account and then back again for the same day each month to get the 5% and save me doing it manually.
what happens if first direct sends the £1000 before nationwide sends the £1000 as i don't keep £1000 in my first direct account so the funds would not be available and i don't have an overdraft on either account.
what does the faster payment thing mean how does that work?
Age: 24 / London/Ireland / Salary €49,000 / 1 London BTL (8% yield) / Total savings pot £12k+
Lloyds Club CA £5,000 @4% / FD Regular Saver £3,600 @6% (12 of 12) / TSB Classic CA £2,000 @5%
Clydesdale Direct CA £1,000 @2% / Santander ISA £700 @0.5% / Premium Bonds - £100
Halifax Reward CA (£5 per month) / Santander 1|2|3 CC (cashback)
Lloyds Club CA £5,000 @4% / FD Regular Saver £3,600 @6% (12 of 12) / TSB Classic CA £2,000 @5%
Clydesdale Direct CA £1,000 @2% / Santander ISA £700 @0.5% / Premium Bonds - £100
Halifax Reward CA (£5 per month) / Santander 1|2|3 CC (cashback)
0
Comments
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You asked this yesterday...
https://forums.moneysavingexpert.com/discussion/comment/62419697#Comment_62419697 #587
I am not financial genius and use this forum for help and advice but know it's frowned on to post the same question more than once.0 -
Your other question was answered yesterday (you'll get charges).
Around the time you were coming of age, the timescales for transferring money started to improve.what does the faster payment thing mean how does that work?
Previously transferring money could take anything up to 8 days if Bank Holidays and weekends got in the way of the standard 3 & 4 day BACS transfer times.
Payments these days are much faster...that's why they're called "faster payments". Typically they'll arrive same day, but could still take 5 days due to weekends, individual banks cut-off times, and the PSD requirement of "by the end of the next working day".
Of course google, and your own bank's website, would have told you this.
If you're going to use SOs, then allow a safety margin of a few days. Personally I make manual payments each month...takes all of 30 seconds!0
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